Mitsubishi Estate Co.'s group net balance returned to the black in fiscal 2002 due to a much smaller special loss than the previous year, when it booked huge valuation losses on fixed property.
In its consolidated earnings report for the business year that ended March 31, the real estate company said Thursday it posted a net profit of 36.04 billion yen, or 27.61 yen per share, against a loss of 71.06 billion yen, or 54.70 yen per share, a year earlier.
The company booked a special loss of 17.41 billion yen for the reporting year, less than 10 percent of the 176.81 billion yen, including 156.37 billion yen in valuation loss on fixed property, it posted in fiscal 2001.
Its pretax profit rose 38.9 percent to 66.98 billion yen as a result of its efforts to improve management efficiency and profitability, the company said.
It said sales grew 7.9 percent to 681.73 billion yen, with sales in the housing development sector jumping 15.4 percent on strong demand for large condominiums in urban areas.
The company said it will pay a full-year dividend of 8 yen per share, including an interim dividend of 4 yen paid already, making it the same as the previous year.
For the current business year, the company forecasts a group net profit of 26 billion yen and a pretax profit of 67 billion yen on projected sales of 676 billion yen.